Updated about 9 years ago on . Most recent reply
subject to
Hello every one. i'm looking into buying a house that the mortgage is fully paid. Can someone explain to me the process of buying it subject to. i would love to fix the house and pay the seller when i sell. thank you all for your time.
laurent
Most Popular Reply
Hello Laurent. A Subject To would only be used if the seller had an existing mortgage (your purchase is "subject to" that mortgage). In that case you would take over the mortgage payments. In your case you would want to talk to the seller about offering owner financing or a lease option. You would be paying monthly, but your lump sum payment would not come until you were ready to sell. You would want to try to negotiate no, or very little, money upfront (which might make the lease option a better fit).